Lender's guide to the securitization of mutual fund fees

As mutual funds have become one of Wall Street's hottest businesses, the securitization of mutual fund fees has become more common. Banks and other commercial lenders need to understand the structure of these transactions and familiarize themselves with the related legal issues. In the typical...

Ausführliche Beschreibung

Gespeichert in:
Bibliographische Detailangaben
Veröffentlicht in:The Banking law journal 1997-11, Vol.114 (10), p.896
1. Verfasser: Dolan, Patrick D
Format: Artikel
Sprache:eng
Schlagworte:
Online-Zugang:Volltext
Tags: Tag hinzufügen
Keine Tags, Fügen Sie den ersten Tag hinzu!
Beschreibung
Zusammenfassung:As mutual funds have become one of Wall Street's hottest businesses, the securitization of mutual fund fees has become more common. Banks and other commercial lenders need to understand the structure of these transactions and familiarize themselves with the related legal issues. In the typical mutual fund fee securitization transaction, a bank purchases receivables representing Rule 12b-1 and contingent deferred sales charges from distributors of various mutual funds pursuant to separate receivables purchase agreements. The seller then transfers the receivables to a trust in exchange for certificates and the residual interest in the trust, pursuant to a pooling and service agreement among the seller, a trustee, and a master servicer. The certificates are sold to investors pursuant to an underwriting agreement or a placement agency agreement.
ISSN:0005-5506
2381-3512